Chile: The Financial Market Commission modifies regulations applicable to the issuance and operation of payment cards

On July 23, 2025, the Financial Market Commission (CMF) published General Rule No. 541 (NCG 541), amending the regulation that governs the issuance and operation of non-bank payment cards in Chile. This reform, which is already in force, seeks to strengthen the security, transparency and soundness of the payment system, aligning local regulations with international standards and reinforcing the protection of users.

Among the main aspects and novelties incorporated in the NCG 541 are the following:

1. New figure: Sub-Acquiring Operator

The figure of the "Sub-Acquiring Operator" is created, intended for those entities that provide settlement and/or payment services to affiliated businesses, when the volume of payments managed is between 0.5% and 1% of the total payments processed by all operators governed by the regulations of the Central Bank of Chile (the threshold). This new category broadens the spectrum of regulated participants and requires companies to define whether they are within the Threshold.

2. Cross-Border acquiring and sub-acquiring

NCG 541 establishes the requirements that operators and sub-acquiring operators must meet in order to carry out cross-border acquiring activities. These activities encompass all actions aimed at enabling merchants without domicile or residence in Chile to join a payment card system issued in the country, with the aim of accepting such means of payment in electronic transactions carried out through websites, applications, or other similar interfaces. Additionally, under the framework of cross-border acquiring, the funds owed to merchants located outside of Chile for transactions using these payment methods are settled and disbursed to those merchants abroad.

3. Liquidity and equity requirements

The parameters for calculating the liquidity reserve required of issuers of cards with provision of funds are updated and strengthened, as well as the equity requirements for operators and sub-acquiring operators.

• Issuers: they must maintain a liquidity reserve equivalent to the greater of 10% of the minimum capital requirement and the average of funds in provision accounts, discounting payments and refunds.
• Operators: they must have a paid-in capital and reserves of not less than 10,000 UF or equivalent to 20% of the average daily amount of payments for the last 24 months, whichever is greater.
• Sub-acquiring operators: their minimum equity must be 1,000 UF or 2,000 UF if they carry out cross-border acquiring services.

4. Contracts and obligations with merchants and suppliers

NCG 541 requires that contracts between issuers, merchant affiliates, operators, and payment service providers (PSPs) include clear clauses on rights and obligations, transaction reconciliation and validation mechanisms, security measures, pricing structure, and contingency procedures. In addition, the protection and restricted use of the information obtained within the framework of these contracts is reinforced.

5. Interoperability and payments between issuers

NCG 541 establishes the obligation to implement procedures that ensure interoperability between issuers, allowing card users to make payments or transfers between accounts of different issuers or financial institutions.

6. Inspection, sanctions and reports

The CMF reinforces its supervisory role, requiring the conservation of documentation and the periodic delivery of financial, operational and regulatory compliance information. Procedures are established for the immediate notification of infractions and the causes and procedures for the suspension or cancellation of registration in the register of operators are detailed.

7. Adaptation deadlines and transitional provisions

Entities that have exceeded the Threshold or that already carry out cross-border acquiring and that have sent the CMF the documentation required by the Central Bank of Chile, as stipulated in agreement No. 2650-01-240627 published in the Official Gazette on July 2, 2024, must submit the documentation required by NCG 541 within a maximum period of 90 banking days, counted from July 23, 2025. In addition, the regulations establish specific deadlines for the market to adapt to the new requirements, facilitating an orderly transition.